The major cryptocurrencies are now starting to trade under pressure and are poised to test support levels. A break below support and the February lows could lead to further long liquidation for many of the more liquid cryptocurrencies.
LTC/USD Daily Chart Technical Analysis
View – Litecoin is fast approaching trend line support. This is an upward sloping trend line that connects the February lows to the March lows. A break could lead to a test of the February lows at 100. Resistance is seen near a downward sloping trend line (blue dashed line) that comes in near 195. The fast stochastic has generated a crossover sell signal, just above oversold territory that points to lower prices. Momentum as reflected by the MACD remains negative.
Up-side Target: 190
Down-side Target: 158 and then 102
ETH/USD Daily Chart Technical Analysis
View – Ethereum prices are testing support levels and forming a topping pattern. The head and shoulder reversal pattern is driving prices and fast approaching the neck-line which is seen near 590. A break of this level would lead to a test of the December lows near 388. Short-term support is seen near an upward sloping trend line that comes in near 630. The distance from the top of the head to the neckline can also be used as a guide to measure breakdown follow through. Resistance is seen near the 10-day moving average at 731. Momentum is negative as the fast stochastic generated a crossover sell signal, but the index is printing in oversold territory which could foreshadow a correction.
Up-side Target: 731
Down-side Target: 590
XRM/USD Daily Chart Technical Analysis
View – Monero prices versus the dollar broke down through trend line support and are poised to test target support near the February lows at 150. The first level of resistance is the former breakdown level near 260. Additional resistance is seen near the 10-day moving average at 289. Target support is the February lows at 150. While momentum remains negative the fast stochastic is printing in oversold territory, below the 20-trigger level which could foreshadow a correction.
Up-side Target: 260
Down-side Target: 150